Yahoo! CEO Jerry Yang to quit

London, Nov 18: Yahoo Inc's Chief Executive Jerry Yang, will step down from the his post as soon as the board finds a replacement for the Internet company, said Yahoo! on Monday, Nov 17.

Yang, who is also the co-founder of Yahoo took on the CEO role in June 2007 in an effort to turn the company around, will return to his former role as Chief Yahoo once a successor has been found. In a statement released Yang said, "From founding this company to guiding its growth into a trusted global brand that is indispensable to millions of people, I have always sought to do what is best for our franchise."

Heidrick & Struggles is officially appointed by Yahoo to look for both internal and external candidates. Yahoo Chairman Roy Bostock said, "Jerry and the Board have had an ongoing dialogue about succession timing, and we all agree that now is the right time to make the transition to a new CEO who can take the company to the next level."